Bad credit home loans | Applying with a bad credit rating. If you have a poor or bad credit history with something
in your past like a bankruptcy or a foreclosure, you know how difficult
it can be when you try to get financing for a home loan purchase, refinance,
home equity or second mortgage loan. Its important to be persistant in
looking because there are home mortgage loans out there for people with
bad credit.
You will want to compare as many mortgage loan quotes as possible to
make sure you are choosing the best one. Bad credit does not mean your will not get a home loan.Sometimes even as little as a 5 point drop in your credit score can be the difference between getting approved or turned down for a mortgage loan. Most mortgage lenders, especially those that specialize in hard-to-approve home loans need a credit score of 585 – 600 or higher in order to do 100% financing with no money down on your home loan. The bottom line is, you will need that score to be as high as possible.Most lending institutions will not want to pull your credit report initially, until they are sure you are serious about getting approved. It costs the lender money to pull your credit, so it is in their best interest to wait until they know you are serious before they pull your credit report. So, make sure when you apply for a mortgage loan, that your credit is not being pulled with your initial application. When applying for a mortgage loan online, here are some ways to know that your credit is most likely not being pulled. 1. Did they ask you to describe your credit? If they asked you to describe your credit, that is because they are probably not going to pull your credit initially. 2. Did they ask for your social security number? If they don't have your social security number, they can't pull your credit. 3. Search their website to see if they tell you whether or not they will pull your credit report initially. It may be listed under their frequently asked questions. |
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